Inhibitor Therapeutics (INTI) 10-K 29 Mar 24 2023 FY Annual report Financial data

Cover

Cover - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Mar. 29, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Current Fiscal Year End Date	--12-31
Entity File Number	001-13467
Entity Registrant Name	Inhibitor Therapeutics, Inc.
Entity Central Index Key	0001042418
Entity Tax Identification Number	30-0793665
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	4905 South West Shore Blvd
Entity Address, City or Town	Tampa
Entity Address, State or Province	FL
Entity Address, Postal Zip Code	33611-3329
City Area Code	813
Local Phone Number	864-2562
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 3.2
Entity Common Stock, Shares Outstanding		172,023,545
ICFR Auditor Attestation Flag	false
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	677
Auditor Name	Cherry Bekaert LLP
Auditor Location	Tampa, Florida

Balance Sheets

Balance Sheets - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 8,839,912	$ 11,951,224
Prepaid expenses and other assets	109,243	23,900
Total current assets	8,949,155	11,975,124
Total assets	8,949,155	11,975,124
Current liabilities:
Accounts payable	33,731	145,161
Notes payable		411,000
Accrued expenses and other liabilities	631,433	122,621
Total current liabilities	665,164	678,782
Deferred revenue	3,000,000	3,000,000
Total liabilities	3,665,164	3,678,782
Commitments and contingencies (Note 8)
Stockholders’ equity:
Common stock, $0.0001 par value; 500,000,000 shares authorized; 172,023,545 and 171,793,134 shares issued and outstanding at December 31, 2023 and December 31, 2022	17,202	17,179
Additional paid-in capital	54,046,845	54,033,084
Accumulated deficit	(48,780,056)	(45,753,921)
Total stockholders’ equity	5,283,991	8,296,342
Total liabilities and stockholders’ equity	8,949,155	11,975,124
Series A Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value
Series B Convertible Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value
Undesignated Preferred Stock [Member]
Stockholders’ equity:
Preferred Stock, value

Balance Sheets (Parenthetical)

Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	172,023,545	171,793,134
Common stock, shares outstanding	172,023,545	171,793,134
Series A Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	500,000	500,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Series B Convertible Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	7,246,377	7,246,377
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Undesignated Preferred Stock [Member]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	2,253,623	2,253,623
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0

Statements of Operations

Statements of Operations - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Statement [Abstract]
Revenues:
Expenses:
Research and development	1,381,066	6,150
General and administrative	2,023,913	651,776
Total expenses	3,404,979	657,926
Loss from operations	(3,404,979)	(657,926)
Other income/(expenses):
Gain on legal settlement		12,619,492
Gain on forgiveness of legal fees		223,007
Interest expense		(23,234)
Interest income	378,844
(Loss) income before income tax expense	(3,026,135)	12,161,339
Income tax expense		55,109
Net (loss) income	(3,026,135)	12,106,230
Preferred stock dividend		(189,042)
Net (loss) income applicable to common shareholders	$ (3,026,135)	$ 11,917,188
Basic (loss) income per share	$ (0.02)	$ 0.03
Diluted (loss) income per share	$ (0.02)	$ 0.03
Weighted average common shares outstanding - basic	171,950,108	366,183,697
Weighted average common shares outstanding - diluted	171,950,108	366,183,697

Statements of Stockholders' Equ

Statements of Stockholders' Equity - USD ($)	Series B Convertible Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balances at Dec. 31, 2021	$ 3,960,866	$ 37,686	$ 50,051,711	$ (57,671,109)	$ (3,620,846)
Balance, shares at Dec. 31, 2021	5,797,102	376,858,323
Preferred stock dividends				(189,042)	(189,042)
Cancellation of preferred and common stock	$ (3,960,866)	$ (20,507)	3,981,373
Cancellation of preferred and common stock, shares	(5,797,102)	(205,065,189)
Net income (loss)				12,106,230	12,106,230
Balances at Dec. 31, 2022		$ 17,179	54,033,084	(45,753,921)	8,296,342
Balance, shares at Dec. 31, 2022		171,793,134
Net income (loss)				(3,026,135)	(3,026,135)
Issuance of common stock under equity incentive plan		$ 23	13,761		13,784
Issuance of common stock under equity incentive plan, shares		230,411
Balances at Dec. 31, 2023		$ 17,202	$ 54,046,845	$ (48,780,056)	$ 5,283,991
Balance, shares at Dec. 31, 2023		172,023,545

Statements of Cash Flows

Statements of Cash Flows - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES
Net (loss) income	$ (3,026,135)	$ 12,106,230
Adjustments to reconcile net (loss) income to net cash flows (used in) provided by operating activities
Stock based compensation	13,784
Gain on legal settlement		(330,830)
Gain on forgiveness of legal fees		(176,889)
Changes in assets and liabilities:
Prepaid expense and other assets	(85,343)	4,258
Accounts payable and other current liabilities	397,382	137,829
Net cash (used in) provided by operating activities	(2,700,312)	11,740,598
FINANCING ACTIVITIES
Proceeds from notes payable		180,000
Payments made on notes payable	(411,000)
Net cash (used in) provided by financing activities	(411,000)	180,000
Net (decrease) increase in cash and cash equivalents	(3,111,312)	11,920,598
Cash and cash equivalents at beginning of year	11,951,224	30,626
Cash and cash equivalents at end of year	8,839,912	11,951,224
Supplemental disclosure of non-cash financing activities:
Cancellation of Mayne equity		3,981,373
Accrued, but unpaid dividends		189,042
Supplemental disclosures of cash flow information:
Cash paid for taxes	$ 53,088

Corporate Overview

Corporate Overview	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Corporate Overview	1. Corporate Overview Overview The accompanying audited financial statements of Inhibitor Therapeutics, Inc., a Delaware corporation (the “Company”, “INTI”, “we”, “us” or similar terminology) have been prepared by the Company as a going concern, and in accordance with accounting principles generally accepted in the United States of America (“GAAP”). As used herein, the term “common stock” means the Company’s common stock, $ 0.0001 Nature of the Business The Company is a pharmaceutical development company that is focused on developing and ultimately commercializing innovative therapeutics based on already approved active pharmaceuticals that have patent-protected methods of use and/or methods of delivery for patients with certain cancers and certain non-cancerous proliferation disorders. We also have explored and expect to continue to explore acquiring or licensing other innovative pre-clinical and clinical stage therapeutics addressing unmet needs for the treatment of cancer and other diseases based on repurposing active ingredients of already approved drugs. Our current primary focus is on the development of therapies initially for basal cell carcinoma (“BCC”), prostate and lung cancers in the United States utilizing itraconazole, a drug currently approved by the FDA to treat fungal infections, and which has an extensive history of safe and effective use in humans. The Company has developed intellectual property and know-how related to the treatment of cancer patients using itraconazole. In particular, on December 12, 2023, the Company entered into an Exclusive License Agreement (the “Agreement”) with Johns Hopkins University (“JHU”). Pursuant to the Agreement, JHU granted to the Company the exclusive worldwide patent rights to a Granted US Patent, No. 8,980,930 entitled “New Angiogenesis Inhibitors” (the “Patent”). The Patent relates to the treatment of prostate cancer, BCC including basal cell carcinoma nevus syndrome (“BCCNS”), and lung cancer.

Liquidity and Management_s Plan

Liquidity and Management’s Plans	12 Months Ended
	Dec. 31, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Liquidity and Management’s Plans	2. Liquidity and Management’s Plans The Company is presently focused on its business plan of developing and ultimately commercializing innovative therapeutics based on already approved active pharmaceuticals that have patent-protected methods of use and/or methods of delivery. The Company expects to progress with the FDA in 2024 to reach a conclusion on whether any additional clinical trials are required before submitting a New Drug Application (NDA). The current cash on hand, approximately $ 8.8

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	3. Summary of Significant Accounting Policies Recent Accounting Pronouncements Management has considered all other recent accounting pronouncements that are issued, but not effective, and it does not believe that they will have a significant impact on the Company’s results of operations or financial position. Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates. Revenue Recognition The Company currently has no ongoing source of revenue. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the royalty is earned. Since all deferred revenue is related to the BCCNS product, which is yet to be approved by FDA, the Company has determined that 100 3.0 INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2023 AND 2022 3. Summary of Significant Accounting Policies (continued) Legal Settlement Gain on legal settlement includes a legal settlement awarded to and received by the Company in accordance with a Settlement Agreement, along with various other items, including legal costs incurred relating to the litigation and forgiveness of certain balances due to the Defendants. Forgiveness of Legal Fees Gain on forgiveness of legal fees includes the forgiveness of legal fees previously incurred and owed to external legal counsel. Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in bank accounts in excess of Federal Deposit Insurance Corporation insured amounts. The Company continues to monitor the third-party depository institutions that hold the Company’s cash and limits its cash deposits to financial institutions with high credit standing. Research and Development Expenses Research and development (“R&D”) costs are expensed in the period in which they are incurred and include salaries, benefits and other related costs to support the Company’s R&D operations, amounts paid to third parties who conduct research and development activities on behalf of the Company, as well as the costs of discovery research, preclinical and clinical development, drug formulation and licensing payments. Upfront and advanced licensing payments for future use in R&D activities are recorded as prepaid expenses and are expensed as the related services are performed. General and Administrative Expenses General and administrative (“G&A”) expenses are expensed in the period in which they are incurred and include operating expenses not classified as R&D expenses, such as salaries, benefits, insurance, board of directors’ fees, travel costs, as well as fees for professional services related to accounting, tax and legal matters. Penalties and interest assessed as a result of unresolved tax liabilities are also classified as G&A expenses. Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 – Accounting for Share-Based Payments, which provides for the use of the fair value-based method to determine compensation for all arrangements where shares of stock or equity instruments are issued for compensation. Fair values of restricted stock units issued are determined by the Company based predominantly on the trading price of the common stock on the date of grant. Fair value of each common stock option is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatility is based on historical volatility of a peer group’s common stock and other factors estimated over the expected term of the options. The expected term of the options granted is derived using the “simplified method” which computes the expected term as the average of the weighted-average vesting term and the contract term. The risk-free rate is based on the U.S. Treasury yield. During the year ended December 31, 2023, we granted 230,411 Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. Management has evaluated the guidance relating to accounting for uncertainty in income taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements for the years ended December 31, 2023 or 2022. Effective January 1, 2022, a provision of the Tax Cuts and Jobs Act (TCJA) took effect creating a significant change to the treatment of research and experimental expenditures under Section 174 of the Internal Revenue Code (Sec. 174 expenses). Historically, businesses have had the option of deducting Sec. 174 expenses in the year incurred or capitalizing and amortizing the costs over five years. The new TCJA provision, however, eliminates this option and will require Sec. 174 expenses associated with research conducted in the United States to be capitalized and amortized over a five-year period. INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2023 AND 2022

Notes Payable

Notes Payable	12 Months Ended
	Dec. 31, 2023
Debt Disclosure [Abstract]
Notes Payable	4. Notes Payable On December 12, 2020, the Company and Mayne Pharma entered into a letter agreement for a term debt facility (the “Loan Agreement”) pursuant to which Mayne Pharma provided an aggregate $ 231,000 US Bank Prime Rate plus 5.00% 24 The Facility was available to the Company as follows: (i) $ 81,000 75,000 25,000 The Facility was unsecured, contained no financial covenants, required no guarantees and was not accompanied by any equity component. The Loan Agreement included certain limited representations and warranties and negative covenants of the Company. The Loan Agreement was negotiated and approved on behalf of the Company by a special committee of disinterested, independent members of the Company’s Board of Directors which was formed on November 17, 2020 for such purpose. The special Board committee consisted of W. Mark Watson, R. Dana Ono and Debra Peattie, who were each disinterested with respect to Mayne Pharma. The balance at December 31, 2021 was $ 231,000 During 2022, the Company executed several agreements with Mayne Pharma to amend the Loan Agreement and the Facility (the “Loan Amendments”). Under the terms of the Loan Amendments: (i) the amount of the Facility was increased several times, ultimately to $ 411,00 180,000 411,000

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes The components of the income tax expense for the years ended December 31, 2023 and 2022 were as follows: Schedule of Components of Income Tax Expense 2023 2022 Years Ended December 31, 2023 2022 Current: Federal $ - $ 22,850 State - 32,259 Total current expense - 55,109 Deferred: Federal - - State - - Total deferred expense - - Income tax expense $ - $ 55,109 INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2023 AND 2022 5. Income Taxes (continued) The difference between expected income tax expense (benefit) and income tax expense (benefit) recorded in the financial statements is explained below: Schedule of Expected Income Tax Expense (Benefit) 2023 2022 Years Ended December 31, 2023 2022 Income taxes (benefit) expense computed at statutory rate $ (635,488 ) $ 2,514,182 State income tax (benefit) expense, net (131,486 ) 520,196 Other 45,096 (70,951 ) Change in valuation allowance 721,878 (2,908,318 ) Total $ — $ 55,109 The significant components of deferred income tax assets and liabilities consist of the following: Schedule of Significant Components of Deferred Income Tax Assets and Liabilities Deferred tax assets (liabilities) 2023 2022 December 31, Deferred tax assets (liabilities) 2023 2022 In-process research and development $ 742,574 $ 742,574 Net operating loss carry forward 3,516,913 3,870,413 Capitalized research expense 315,028 — Deferred income 760,350 — R&D credit 78,336 78,336 Share-based compensation 34,231 34,231 Other 6,061 6,061 Total deferred tax assets 5,453,493 4,731,615 Less: valuation allowance (5,453,493 ) (4,731,615 ) Total $ — $ — In accordance with GAAP, it is required that a deferred tax asset be reduced by a valuation allowance if, based on the weight of available evidence it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized. 100 The Company has historically generated federal and state net operating loss (“NOLs”). Under Section 382 and 383 of the Internal Revenue Code, if an ownership change occurs with respect to a “loss corporation”, as defined, there are annual limitations on the amount of the NOLs and other deductions which are available to the Company. Although the NOLs are available to be used to offset the taxable income generated from the Settlement Agreement, otherwise the NOLs incurred prior to December 13, 2022 are subject to this limitation. As such, the use of these NOLs to offset taxable income was limited to approximately $ 37,000 in 2022 subsequent to the Effective Date of the Settlement Agreement and approximately $ 0.7 million per year in 2023 and future periods. As of December 31, 2023 and 2022, the Company’s federal and state NOLs are approximately $ 14 million and $ 15 million, respectively. Penalties and interest incurred by the Company as a result of unresolved tax liabilities during the year ended December 31, 2023 totaled approximately $ 17,000 The Company follows the provisions of ASC 740-10 “Uncertainty in Income Taxes” wherein certain recognition thresholds must be met before a tax position is recognized in the financial statements. An entity may only recognize or continue to recognize tax positions that meet a “more-likely-than-not” threshold. As of December 31, 2023 and 2022, the Company does not believe it has any uncertain tax positions that would require either recognition or disclosure in the accompanying financial statements.

Stockholders_ Equity

Stockholders’ Equity	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Stockholders’ Equity	6. Stockholders’ Equity Employee Stock Plans A 2009 Stock Incentive Plan was adopted by the Board of Directors and approved by the shareholders of CBI, the Company’s predecessor company. There are no options outstanding under this plan. On July 18, 2014, the Equity Incentive Plan (“EIP”) was adopted by the Company’s Board of Directors. On September 30, 2014, the EIP was approved by the majority of stockholders. The 2014 EIP initially authorized the issuance of up to 32,583,475 11 43,583,475 INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2023 AND 2022 6. Stockholders’ Equity (continued) Pursuant to the Settlement Agreement, Mayne Pharma agreed to surrender for cancellation 205,065,189 5,797,102 17,391,306 4,347,827 10,773,815 Stock option activity for the years ended December 31, 2023 and 2022 is as follows: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding at December 31, 2021 13,349,461 $ 0.10 $ 1,072,144 Granted - - Exercise - Forfeited (10,773,815 ) Outstanding at December 31, 2022 2,575,646 $ 0.09 $ 111,774 Granted - - Exercise - Forfeited - Outstanding at December 31, 2023 2,575,646 $ 0.09 $ 93,633 Options outstanding (all are exercisable) at December 31, 2023 are as follows: Schedule of Stock Options Outstanding Range of Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Price Aggregate Intrinsic Value $ 0.03 0.10 2,015,646 6.5 $ 0.04 $ 93,633 $ 0.11 0.30 560,000 3.3 $ 0.25 $ - 2,575,646 $ 93,633 There were no Incentive awards may be in the form of stock options, restricted stock, restricted stock units and performance and other awards. In the case of incentive stock options, the exercise price will not be less than 100 110 10 three-year ten years 10 During the year ended December 31, 2023, the Company granted 230,411 0.01 INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2023 AND 2022

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2023
Related Party Transactions [Abstract]
Related Party Transactions	7. Related Party Transactions The Company had significant contractual agreements with Mayne Pharma, a majority stockholder prior to the Settlement Agreement discussed in Note 8. There were amounts due to Mayne Pharma at December 31, 2022 as discussed in Note 4, which were repaid in February 2023. Following the resolution of the litigation in December 2022 and the resulting Settlement Agreement that resulted in Mayne Pharma surrendering all equity securities in the Company for cancellation, Mayne Pharma is no longer considered a related party of the Company.

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	8. Commitments and Contingencies Exclusive License Agreement with Johns Hopkins University On December 12, 2023, the Company entered into an Exclusive License Agreement (the “Agreement”) with Johns Hopkins University (“JHU”). Pursuant to the Agreement, JHU granted to the Company the exclusive worldwide patent rights to a Granted US Patent, No 8,980,930 entitled “New Angiogenesis Inhibitors” (the “Patent”). The Patent relates to the treatment of prostate cancer, basal cell carcinoma including basal cell carcinoma nevus syndrome, and lung cancer. Pursuant to the Agreement: (i) the Company has received an exclusive worldwide license to the Patent; (ii) the Company paid JHU an upfront license fee in December 2023, (iii) the Company shall be required to make certain Minimum Annual Royalty (“MAR”) payments to JHU no later than January 1st of each calendar year in accordance with an agreed upon schedule, (iv) the Company shall be required to pay to JHU a royalty on cumulative net sales, with an additional supplement due where a licensed product is given exclusivity in the U.S. by patent rights, (v) if the Company enters into any sublicense they will pay to JHU a certain percentage of all consideration received from sublicensee but excluding (i) any consideration received by Licensee for Royalties on Sublicensee Sales (Royalties on Sales by Sublicensees will be treated as if Licensee made the Sale), and (ii) any payment of Past Patent Costs or Patent Costs made by Sublicensee to License), (vi) should the Company receive compensation in the form of a voucher, the Company will pay a certain percentage of the sale to JHU and (vii) the Company shall be required to pay to JHU certain development-related milestone payments upon the Company meeting each of a series of agreed upon milestones. The Agreement contains other customary terms and conditions. JHU has the right to terminate the Agreement upon the occurrence of certain events, including delinquency in payments, failure to timely reach milestones, noncompliance with audit or insurance obligations, or the Company entering into voluntary bankruptcy or insolvency. The Company may terminate the Agreement without cause upon 90 days advance written notice. In compliance with the agreement, the Company paid in December 2023 (i) the upfront license fee of $ 40,000 10,000 st By January 1, 2025: $ 10,000 By January 1, 2026: $ 15,000 By January 1, 2027 and every year thereafter until the first commercial sale of an associated licensed product: $ 50,000 Legal Proceedings The Company may from time to time become a party to various legal proceedings arising in the ordinary course of business. Except as discussed below, the Company is not the subject of any pending legal proceedings. On September 15, 2022, Hedgepath, LLC (“HPLLC”), a significant minority stockholder of the Company at the time, filed a civil action in the Delaware Court of Chancery (the “Court”) captioned Hedgepath, LLC v. Magrab, et al., C.A. No. 2019-0529-JTL (the “Action”) against certain of the Company’s current and former directors, and its President and Chief Executive Officer (the “Individual Defendants”), as well as the Company’s majority stockholder, Mayne Pharma Ventures Pty Ltd. (“Mayne Pharma”, and collectively with the Individual Defendants, the “Defendants”). The Company was named as a nominal defendant given the derivative nature of the claims. On December 3, 2019, HPLLC filed its Verified Amended and Supplemental Complaint (the “Complaint”). The Complaint asserts various claims, either directly on behalf of HPLLC or derivatively on behalf of the Company, for alleged breaches of fiduciary duty, violation of Delaware statute, waste, fraudulent misrepresentation, declaratory judgment, and dilution of stockholder equity arising out of transactions previously entered into between the Company and Mayne Pharma and Mayne Pharma’s relationship with the Company generally. The Complaint seeks unspecified damages and other relief. Additionally, on March 23, 2020, a Stockholder Class Action Complaint was filed in the Court by Company stockholder and purported class representative Samuel P. Sears purportedly on behalf of a class of certain holders of the Company’s common stock. That lawsuit, captioned Sears v. Magrab et al., C.A. No. 2020-0215-JTL (the “Putative Class Action”), asserts claims against the same Defendants (with the exception of the Company), and the facts underlying the claims largely mirror those alleged in the Action. On December 10, 2020, the Court entered a stipulated Order coordinating the Action and the Putative Class Action (together, the “Coordinated Actions”). INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2023 AND 2022 On September 9, 2022, HPLLC, Sears, the Company, the Individual Defendants and Mayne Pharma entered into a Stipulation and Agreement of Compromise, Settlement, and Release, dated and filed with the Court (together with the exhibits thereto, the “Settlement Agreement”), which the Court approved, and the Settlement Agreement went into effect on December 13, 2022 (the “Effective Date”). Pursuant to the Settlement Agreement, (i) the Defendants will cause $ 14,250,000 The Cash Consideration received by the Company pursuant to the Settlement Agreement in the amount of $ 14.25 2.0 0.3 0.04 55,000 On December 10, 2022, and in furtherance of the transactions contemplated by the Settlement Agreement, W. Mark Watson, Stefan J. Cross, Dr. R. Dana Ono, and Robert D. Martin (collectively, the “Resigning Directors”) gave notice of the Company of their resignation from the Board to be effective on December 13, 2022. The purpose of resignation of the Resigning Directors is in relation to the Settlement Agreement and not based on any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Pursuant to the Settlement Agreement, the stock options and warrants held by the Resigning Directors were cancelled. On December 10, 2022, and in furtherance of the transactions contemplated by the Settlement Agreement, Nicholas J. Virca and Garrison J. Hasara (collectively, the “Resigning Officers”) gave notice of the Company of their resignation from their officer positions to be effective on December 13, 2022. The purpose of resignation of the Resigning Officers is in relation to the Settlement Agreement and not based on any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. Pursuant to the Settlement Agreement, the stock options and warrants held by the Resigning Officers were cancelled. Office Lease The company leases office space under a non-cancelable operating lease with an expiration date of May 31, 2024. Due to the short-term nature of the agreement, the Company has elected not to apply the recognition requirements of ASC Topic 842 - Leases for this lease agreement in accordance with ASC 842-20-25-2. The rent expense associated with the lease agreement is recognized on a straight-line basis over the lease term within General and administrative expenses within the Statement of Operations. Rent expense for the years ended December 31, 2023 and 2022 totaled approximately $ 25,000 and $ 0 , respectively.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events In February 2024, the Company approved a proposal with Avior Bio, Inc. (“Avior”) for the creation of a new patentable formulation of itraconazole. Avior will develop, manufacture and release the formulation and assist with the regulatory process. The Company expects to pay fees of approximately $ 0.3

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Accounting Policies [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements Management has considered all other recent accounting pronouncements that are issued, but not effective, and it does not believe that they will have a significant impact on the Company’s results of operations or financial position.
Estimates	Estimates The preparation of financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the period. Actual results could differ from those estimates.
Revenue Recognition	Revenue Recognition The Company currently has no ongoing source of revenue. Miscellaneous income, including interest, is recognized when earned by the Company. Deferred revenue represents cash received for royalties in advance of being earned. Such payments are reflected as deferred revenue until recognized under the Company’s revenue recognition policy. Deferred revenue would be classified as current if management believes the Company will be able to recognize the deferred amount as revenue within twelve months of the balance sheet date. Deferred revenue will be recognized when the product is sold and the royalty is earned. Since all deferred revenue is related to the BCCNS product, which is yet to be approved by FDA, the Company has determined that 100 3.0 INHIBITOR THERAPEUTICS, INC. NOTES TO FINANCIAL STATEMENTS YEARS ENDED DECEMBER 31, 2023 AND 2022 3. Summary of Significant Accounting Policies (continued)
Legal Settlement	Legal Settlement Gain on legal settlement includes a legal settlement awarded to and received by the Company in accordance with a Settlement Agreement, along with various other items, including legal costs incurred relating to the litigation and forgiveness of certain balances due to the Defendants.
Forgiveness of Legal Fees	Forgiveness of Legal Fees Gain on forgiveness of legal fees includes the forgiveness of legal fees previously incurred and owed to external legal counsel.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid debt instruments purchased with an original maturity of three months or less to be cash equivalents. At times, the Company may maintain cash balances in bank accounts in excess of Federal Deposit Insurance Corporation insured amounts. The Company continues to monitor the third-party depository institutions that hold the Company’s cash and limits its cash deposits to financial institutions with high credit standing.
Research and Development Expenses	Research and Development Expenses Research and development (“R&D”) costs are expensed in the period in which they are incurred and include salaries, benefits and other related costs to support the Company’s R&D operations, amounts paid to third parties who conduct research and development activities on behalf of the Company, as well as the costs of discovery research, preclinical and clinical development, drug formulation and licensing payments. Upfront and advanced licensing payments for future use in R&D activities are recorded as prepaid expenses and are expensed as the related services are performed.
General and Administrative Expenses	General and Administrative Expenses General and administrative (“G&A”) expenses are expensed in the period in which they are incurred and include operating expenses not classified as R&D expenses, such as salaries, benefits, insurance, board of directors’ fees, travel costs, as well as fees for professional services related to accounting, tax and legal matters. Penalties and interest assessed as a result of unresolved tax liabilities are also classified as G&A expenses.
Stock-Based Compensation	Stock-Based Compensation The Company accounts for stock-based awards to employees and non-employees using Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 718 – Accounting for Share-Based Payments, which provides for the use of the fair value-based method to determine compensation for all arrangements where shares of stock or equity instruments are issued for compensation. Fair values of restricted stock units issued are determined by the Company based predominantly on the trading price of the common stock on the date of grant. Fair value of each common stock option is estimated on the date of grant using the Black-Scholes valuation model that uses assumptions for expected volatility, expected dividends, expected term, and the risk-free interest rate. Expected volatility is based on historical volatility of a peer group’s common stock and other factors estimated over the expected term of the options. The expected term of the options granted is derived using the “simplified method” which computes the expected term as the average of the weighted-average vesting term and the contract term. The risk-free rate is based on the U.S. Treasury yield. During the year ended December 31, 2023, we granted 230,411
Income Taxes	Income Taxes Deferred tax assets and liabilities are recognized for future tax consequences attributed to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and are measured using enacted tax rates that are expected to apply to the differences in the periods that they are expected to reverse. Management has evaluated the guidance relating to accounting for uncertainty in income taxes and has determined that the Company had no uncertain income tax positions that could have a significant effect on the financial statements for the years ended December 31, 2023 or 2022. Effective January 1, 2022, a provision of the Tax Cuts and Jobs Act (TCJA) took effect creating a significant change to the treatment of research and experimental expenditures under Section 174 of the Internal Revenue Code (Sec. 174 expenses). Historically, businesses have had the option of deducting Sec. 174 expenses in the year incurred or capitalizing and amortizing the costs over five years. The new TCJA provision, however, eliminates this option and will require Sec. 174 expenses associated with research conducted in the United States to be capitalized and amortized over a five-year period.

Income Taxes (Tables)

Income Taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Schedule of Components of Income Tax Expense	The components of the income tax expense for the years ended December 31, 2023 and 2022 were as follows: Schedule of Components of Income Tax Expense 2023 2022 Years Ended December 31, 2023 2022 Current: Federal $ - $ 22,850 State - 32,259 Total current expense - 55,109 Deferred: Federal - - State - - Total deferred expense - - Income tax expense $ - $ 55,109
Schedule of Expected Income Tax Expense (Benefit)	The difference between expected income tax expense (benefit) and income tax expense (benefit) recorded in the financial statements is explained below: Schedule of Expected Income Tax Expense (Benefit) 2023 2022 Years Ended December 31, 2023 2022 Income taxes (benefit) expense computed at statutory rate $ (635,488 ) $ 2,514,182 State income tax (benefit) expense, net (131,486 ) 520,196 Other 45,096 (70,951 ) Change in valuation allowance 721,878 (2,908,318 ) Total $ — $ 55,109
Schedule of Significant Components of Deferred Income Tax Assets and Liabilities	The significant components of deferred income tax assets and liabilities consist of the following: Schedule of Significant Components of Deferred Income Tax Assets and Liabilities Deferred tax assets (liabilities) 2023 2022 December 31, Deferred tax assets (liabilities) 2023 2022 In-process research and development $ 742,574 $ 742,574 Net operating loss carry forward 3,516,913 3,870,413 Capitalized research expense 315,028 — Deferred income 760,350 — R&D credit 78,336 78,336 Share-based compensation 34,231 34,231 Other 6,061 6,061 Total deferred tax assets 5,453,493 4,731,615 Less: valuation allowance (5,453,493 ) (4,731,615 ) Total $ — $ —

Stockholders_ Equity (Tables)

Stockholders’ Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Equity [Abstract]
Schedule of Stock Option Activity	Stock option activity for the years ended December 31, 2023 and 2022 is as follows: Schedule of Stock Option Activity Number of Shares Weighted Average Exercise Price Per Share Aggregate Intrinsic Value Outstanding at December 31, 2021 13,349,461 $ 0.10 $ 1,072,144 Granted - - Exercise - Forfeited (10,773,815 ) Outstanding at December 31, 2022 2,575,646 $ 0.09 $ 111,774 Granted - - Exercise - Forfeited - Outstanding at December 31, 2023 2,575,646 $ 0.09 $ 93,633
Schedule of Stock Options Outstanding	Options outstanding (all are exercisable) at December 31, 2023 are as follows: Schedule of Stock Options Outstanding Range of Exercise Prices Number Outstanding Weighted Average Weighted Average Exercise Price Aggregate Intrinsic Value $ 0.03 0.10 2,015,646 6.5 $ 0.04 $ 93,633 $ 0.11 0.30 560,000 3.3 $ 0.25 $ - 2,575,646 $ 93,633

Corporate Overview (Details Nar

Corporate Overview (Details Narrative) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001

Liquidity and Management_s Pl_2

Liquidity and Management’s Plans (Details Narrative) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash Equivalents	$ 8,839,912	$ 11,951,224

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Product Information [Line Items]
Number of restricted common stock granted	230,411
Royalty [Member]
Product Information [Line Items]
Deferred revenue	$ 3	$ 3
Royalty [Member] | Mayne Pharma [Member]
Product Information [Line Items]
Ownership percentage	100%

Notes Payable (Details Narrativ

Notes Payable (Details Narrative) - Mayne Pharma [Member] - USD ($)		12 Months Ended
	Dec. 12, 2020	Dec. 31, 2022	Dec. 31, 2021
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity	$ 231,000
Line of credit facility, interest rate description	US Bank Prime Rate plus 5.00%
Debt instrument, term	24 months
Line of credit facility, current borrowing capacity	$ 81,000
Line of credit facility, remaining borrowing capacity	75,000
Line of credit facility, periodic payment	$ 25,000
Loan Agreement [Member]
Line of Credit Facility [Line Items]
Line of credit facility, maximum borrowing capacity		$ 411
Line of credit facility		411,000	$ 231,000
Letter Agreement [Member]
Line of Credit Facility [Line Items]
Proceeds from line of credit		$ 180,000

Schedule of Components of Incom

Schedule of Components of Income Tax Expense (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Current:
Federal		$ 22,850
State		32,259
Total current expense		55,109
Deferred:
Federal
State
Total deferred expense
Income tax expense		$ 55,109

Schedule of Expected Income Tax

Schedule of Expected Income Tax Expense (Benefit) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Income taxes (benefit) expense computed at statutory rate	$ (635,488)	$ 2,514,182
State income tax (benefit) expense, net	(131,486)	520,196
Other	45,096	(70,951)
Change in valuation allowance	721,878	(2,908,318)
Income tax expense		$ 55,109

Schedule of Significant Compone

Schedule of Significant Components of Deferred Income Tax Assets and Liabilities (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
In-process research and development	$ 742,574	$ 742,574
Net operating loss carry forward	3,516,913	3,870,413
Capitalized research expense	315,028
Deferred income	760,350
R&D credit	78,336	78,336
Share-based compensation	34,231	34,231
Other	6,061	6,061
Total deferred tax assets	5,453,493	4,731,615
Less: valuation allowance	(5,453,493)	(4,731,615)
Total

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating Loss Carryforwards [Line Items]
Valluation allowance description	In accordance with GAAP, it is required that a deferred tax asset be reduced by a valuation allowance if, based on the weight of available evidence it is more likely than not (a likelihood of more than 50%) that some portion or all of the deferred tax assets will not be realized.
Valuation allowance percentage	100%	100%
Penalties and interest incurred unresolved tax liabilities	$ 17,000
State and Local Jurisdiction [Member]
Operating Loss Carryforwards [Line Items]
Operating Loss Carryforwards	14,000,000	$ 15,000,000
Settlement Agreement [Member]
Operating Loss Carryforwards [Line Items]
[custom:NetOperatingLossAmountUsedToOffsetAgainstTaxableIncome-0]	$ 700,000	$ 37,000

Schedule of Stock Option Activi

Schedule of Stock Option Activity (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Equity [Abstract]
Number of Shares, Outstanding, Beginning Balance	2,575,646	13,349,461
Weighted Average Exercise Price per Share, Beginning Balance	$ 0.09	$ 0.10
Aggregate intrinsic value	$ 111,774	$ 1,072,144
Number of Shares, Granted
Weighted Average Exercise Price per Share, Granted
Number of Shares, Exercised
Number of Shares, Forfeited		(10,773,815)
Number of Shares, Outstanding, Ending Balance	2,575,646	2,575,646
Weighted Average Exercise Price per Share, Ending Balance	$ 0.09	$ 0.09
Aggregate intrinsic value	$ 93,633	$ 111,774

Schedule of Stock Options Outst

Schedule of Stock Options Outstanding (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Share-based payment award, options, outstanding, number	2,575,646	2,575,646	13,349,461
Weighted average exercise price	$ 0.09	$ 0.09	$ 0.10
Aggregate intrinsic value	$ 93,633	$ 111,774	$ 1,072,144
Range One [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower Range of Exercise Prices	$ 0.03
Upper Range of Exercise Prices	$ 0.10
Share-based payment award, options, outstanding, number	2,015,646
Weighted average remaining contractual term	6 years 6 months
Weighted average exercise price	$ 0.04
Aggregate intrinsic value	$ 93,633
Range Two [Member]
Share-Based Payment Arrangement, Option, Exercise Price Range [Line Items]
Lower Range of Exercise Prices	$ 0.11
Upper Range of Exercise Prices	$ 0.30
Share-based payment award, options, outstanding, number	560,000
Weighted average remaining contractual term	3 years 3 months 18 days
Weighted average exercise price	$ 0.25
Aggregate intrinsic value

Stockholders_ Equity (Details N

Stockholders’ Equity (Details Narrative) - USD ($) $ in Thousands		12 Months Ended
	Dec. 31, 2018	Dec. 31, 2023	Dec. 31, 2022
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of options issued
Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Award vesting period		3 years
Expiration Period		10 years
Share-Based Payment Arrangement, Option [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase price of common stock, percent		100%
Share-Based Payment Arrangement, Option [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase price of common stock, percent		10%
More Than 10% Common Stock Owners[Member] | Share-Based Payment Arrangement, Option [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Purchase price of common stock, percent		110%
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock under equity incentive plan, shares		230,411
Settlement Agreement [Member] | Directors and Officers [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of options held		10,773,815
Mayne Pharma [Member] | Settlement Agreement [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares surrender for cancellation		205,065,189
Number of shares convertible		17,391,306
Mayne Pharma [Member] | Settlement Agreement [Member] | Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares surrender for cancellation		5,797,102
Mayne Pharma [Member] | Settlement Agreement [Member] | Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of additional shares of warrant		4,347,827
2014 Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares authorized	32,583,475
Stock options awarded, shares	11,000,000
2014 Equity Incentive Plan [Member] | Mayne Pharma [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Number of shares authorized	43,583,475
Equity Incentive Plan [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance of common stock under equity incentive plan, shares		230,411
Grant date fair value		$ 10

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) - USD ($)					12 Months Ended
	Jan. 01, 2027	Jan. 01, 2026	Jan. 01, 2025	Sep. 09, 2022	Dec. 31, 2023	Dec. 31, 2022
Loss Contingencies [Line Items]
Forgiveness of balances						$ 12,619,492
Tax liability					55,000
Mayne Pharma [Member]
Loss Contingencies [Line Items]
Forgiveness of balances					300,000
Litigation					2,000,000
Mayne Pharma [Member] | Individual Defendants [Member]
Loss Contingencies [Line Items]
Compensation					40,000
License Agreement [Member]
Loss Contingencies [Line Items]
License fee					40,000
Minimum annual royalty payments					10,000
License Agreement [Member] | Forecast [Member]
Loss Contingencies [Line Items]
Minimum annual royalty payments	$ 50,000	$ 15,000	$ 10,000
Settlement Agreement [Member]
Loss Contingencies [Line Items]
Defendants cash				$ 14,250,000
Settlement Agreement [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Forgiveness of balances					14,250,000
Lease Agreement [Member]
Loss Contingencies [Line Items]
Payments for Rent					$ 25,000	$ 0

Subsequent Events (Details Narr

Subsequent Events (Details Narrative) $ in Millions	1 Months Ended
	Feb. 29, 2024 USD ($)
Subsequent Event [Member] | Avior Bio Inc [Member]
Subsequent Event [Line Items]
Fees	$ 0.3